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U.S. EV Battery Company Forecast Big Loss
Lithium-ion battery producer A123 Systems Inc. has warned investors that it expects to report a net loss of $125 million for the first quarter of this year compared with a $54 million loss in the same period of 2011.
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Lithium-ion battery producer A123 Systems Inc. has warned investors that it expects to report a net loss of $125 million for the first quarter of this year compared with a $54 million loss in the same period of 2011.
The company predicts its first-quarter revenue will drop to $11 million from $18 million a year earlier.
Watertown, Mass.-based A123 says its quarterly results will include $67 million in one-time items, including $52 million to replace defective batteries supplied to electric car maker Fisker Automotive Inc.
The company lowered its full-year sales forecast to $145 million-$175 million from its previous prediction of as much as $300 million.
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